The Japanese Economic Review最新文献

Bandit algorithms for policy learning: methods, implementation, and welfare-performance 政策学习的 Bandit 算法：方法、实施和福利绩效

The Japanese Economic Review Pub Date : 2024-09-17 DOI: 10.1007/s42973-024-00165-6

Toru Kitagawa, Jeff Rowley

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引用次数: 0

Robustness in binary-action supermodular games revisited 二元行动超模博弈中的鲁棒性再探讨

The Japanese Economic Review Pub Date : 2024-07-28 DOI: 10.1007/s42973-024-00162-9

Daisuke Oyama, Satoru Takahashi

引用次数: 0

The impact of the Bank of Japan’s exchange traded fund and corporate bond purchases on firms’ capital structure 日本央行购买交易所交易基金和公司债券对企业资本结构的影响

The Japanese Economic Review Pub Date : 2024-07-03 DOI: 10.1007/s42973-024-00159-4

Thuy Linh Nguyen

{"title":"The impact of the Bank of Japan’s exchange traded fund and corporate bond purchases on firms’ capital structure","authors":"Thuy Linh Nguyen","doi":"10.1007/s42973-024-00159-4","DOIUrl":"https://doi.org/10.1007/s42973-024-00159-4","url":null,"abstract":"<p>This study examines how the Bank of Japan’s (BOJ’s) exchange-traded fund (ETF) and corporate bond (CB) purchases affect the capital structure of Japanese listed firms. The results first suggest that the BOJ’s ETF purchases reduced the equity risk premium for firms included in the purchases, thereby lowering their cost of equity. These firms issued more stocks and became less dependent on bond debt and bank loans than control firms, resulting in a lower level of leverage. On the other hand, the BOJ’s CB purchases lowered the risk premium of bonds eligible for such purchases, which implies a decline in the cost of bond debt. Firms eligible for CB purchases issued more bonds, while reducing bank debt but to a smaller extent, thus having higher leverage than firms not eligible for CB purchases. Categorizing firms into four groups based on whether their stocks were included in ETF purchases and/or their bonds were eligible for CB purchases further shows that the policy impacts on firm financing have differed depending on which group a firm fell in. These results indicate that the BOJ’s ETF and CB purchases have had a considerable impact on the cost of capital, securities issuance activities, and corporate capital structure.</p>","PeriodicalId":516533,"journal":{"name":"The Japanese Economic Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141531360","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Evidence on price stickiness in Japan 日本价格粘性的证据

The Japanese Economic Review Pub Date : 2024-07-03 DOI: 10.1007/s42973-024-00161-w

Kozo Ueda

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Pass-through and tax incidence in Cournot duopoly with loan commitment 有贷款承诺的库诺二元垄断中的转嫁和税收发生率

The Japanese Economic Review Pub Date : 2024-06-14 DOI: 10.1007/s42973-024-00160-x

Di Wu, Leonard F. S. Wang, Jen-Yao Lee, Haiyang Hu

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The 2023 Japanese Economic Association Nakahara Prize: Recipient—Prof. Toru Kitagawa, Brown University and University College London 2023 年日本经济学会中原奖：获奖者：布朗大学和伦敦大学学院北川彻教授

The Japanese Economic Review Pub Date : 2024-05-21 DOI: 10.1007/s42973-024-00157-6

Ryo Okui

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The 2023 Japanese Economic Association Award for Young Female Researchers sponsored by the Nippon Life Insurance Company 日本生命保险公司赞助的 2023 年度日本经济学会青年女性研究人员奖

The Japanese Economic Review Pub Date : 2024-05-21 DOI: 10.1007/s42973-024-00158-5

Mari Tanaka

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The optimum quantity of debt for an aging Japan: welfare and demographic dynamics 老龄化日本的最佳债务数量：福利与人口动态

The Japanese Economic Review Pub Date : 2024-05-16 DOI: 10.1007/s42973-024-00156-7

Akira Okamoto

引用次数: 0

How serious was it? The impact of preschool closure on mothers’ psychological distress: evidence from the first COVID-19 outbreak 情况有多严重？幼儿园停办对母亲心理压力的影响：来自第一次 COVID-19 疫情的证据

The Japanese Economic Review Pub Date : 2024-05-15 DOI: 10.1007/s42973-024-00155-8

Izumi Yokoyama, R. Takaku

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The Feldstein–Horioka Puzzle or Paradox after 44 years: a fallacy of composition 44 年后的费尔德斯坦-堀冈之谜或悖论：构成谬误

The Japanese Economic Review Pub Date : 2024-04-01 DOI: 10.1007/s42973-024-00153-w

Charles Yuji Horioka

引用次数: 0